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Ausbil Investment Management

PRI reporting framework 2018

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

Overview

LEA 15. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

15.3. Attach or provide a URL to your voting policy. [Optional]

URL

Attach document


15.4. Provide a brief overview of your organization’s approach to (proxy) voting.

Voting is captured by Ausbil’s Corporate Governance Policy. Ausbil acts on corporate governance issues in accordance with its documented Board-endorsed Corporate Governance Policy. The Policy document details formal procedures designed to ensure the consistent application of the policy.

The Corporate Governance Policy outlines the core corporate governance principles that Ausbil subscribes to, e.g. the rights of shareholders, the equal treatment of shareholders, the accountability of the board, transparency and integrity of financial statements. The policy also outlines the roles and responsibilities of Ausbil’s corporate governance committee and proxy voting procedures as well as the decision framework relating to board structure and composition (e.g. size, diversity, competence, independence, time commitment) and remuneration (e.g. committee structure, disclosure and transparency, basic salary, short-term incentives, long-term incentives, quantum, termination provisions and more) as well as audit and financial reporting, share capital and other issues (e.g. shareholder resolutions, related-party transactions and more). While the policy seeks to define a preferred framework the policy states that it should not be applied at the expense of pragmatism and suitability.


Process

LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

          Ausbil consults a proxy advisor for voting decisions but ultimately makes our own voting decisions on a case-by-case basis, supported and guided by Ausbil’s policy.
        

16.2. Provide an overview of how you ensure your voting policy is adhered to, giving details of your approach when exceptions to the policy are made (if applicable).

Ausbil engages with investee companies in several forms of direct contact to exercise the rights of ownership on behalf of clients and Ausbil votes on all matters in accordance with client instructions, otherwise in accordance with the corporate governance policy. In the absence of any guidance, or in any instance whereby voting authority has been delegated by the client in writing, Ausbil directs votes in a manner consistent with the investment objectives of each Ausbil Investment Trust, as disclosed in the respective Product Disclosure Statement, or Investment Management Agreement, in the case of discrete mandates. With respect to the periodic reporting of corporate governance activity to clients, Ausbil will comply with specific instructions provided by the client.

16.3. Additional information.[Optional]


LEA 17. Percentage of voting recommendations reviewed (Not Applicable)


LEA 18. Confirmation of votes

New selection options have been added to this indicator. Please review your prefilled responses carefully.

18.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          In 2017, Ausbil created a new database, which facilitates tracking of historical votes.
        

18.2. Additional information. [OPTIONAL]

          
        

LEA 19. Securities lending programme (Private)


LEA 20. Informing companies of the rationale of abstaining/voting against management

New selection options have been added to this indicator. Please review your prefilled responses carefully.

20.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

20.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

20.3. Additional information. [Optional]

Ausbil has frequent contact with Australian companies where we discuss any concern with AGM resolutions. Ausbil responds to companies’ request for information about our voting decisions / intentions.


Outputs and outcomes

LEA 21. Percentage of (proxy) votes cast

21.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

100 %

Specify the basis on which this percentage is calculated

21.2. Explain your reason(s) for not voting certain holdings

          Ausbil voted on 100% of the applicable resolutions.
        

21.3. Additional information. [Optional]


LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

22.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions Breakdown as percentage of votes cast
For (supporting) management recommendations
Against (opposing) management recommendations
Abstentions
100%

22.3. Describe the actions you take in relation to voting against management recommendations.

          Ausbil typically engages the company in question before voting on controversial resolutions and often communicates our voting intentions to the company.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Private)


LEA 24. Examples of (proxy) voting activities (Not Completed)


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